54. Flourish and Blotts Ltd., a shop selling books about magic, uses the perpetual inventory method. At the end of a financial year the firm undertakes a stocktake and discovers that there is an amount of inventory that cannot be accounted for. The stocktake also reveals that, 'Antiquated Spells, a line of inventory has become obsolete and can only be sold for 20% below cost. Discuss why a stocktake is necessary and how to account for the missing stock and the obsolete inventory. (6 marks) Enter